Shares in Zimmer Biomet (NYSE:ZBH) rose today after the medical device maker posted second quarter earnings that topped expectations on Wall Street.
The Warsaw, Ind.-based company posted profits of $184.9 million, or 90¢ per share, on sales of $2 billion for the three months ended June 30, for bottom-line growth of 0.4% while sales grew 3% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $1.92, just ahead of the $1.88 consensus on Wall Street where analysts expected to see sales of $2 billion, which the company met.
“Our achievements during the second quarter, including the improvement of our global knee and hip sales performance and ongoing growth within the Asia Pacific region, validate our confidence in our full-year outlook. To continue building on our year-to-date progress, we will remain focused on strategies to support long-term, sustainable revenue growth and value-creation. These priorities include the completion of quality remediation activities, supply recovery efforts, new product introductions and the continuous enhancement of our culture,” prez & CEO Bryan Hanson said in a press release.
The company adjusted its full year earnings outlook, expecting to see revenue growth of between 1% and 2.5% with full-year free cash flow of between $1.2 and $1.35 billion.
Shares in Zimmer Biomet have risen 6.7% so far today, at $125 as of 11:24 a.m. EDT.
In June, declining sales and the supply & manufacturing issues prompted an Argus analyst to downgrade the orthopedic giant’s stock.
